One week down. Fifty one to go.

I hope you’re off to a good start.

But I know there are some who already dread the outcome this year. At least two of you were chatting with me this week, following Wednesday mornings social media post.

<image: Pause and consider...>

Their problems go FAR beyond what was discussed in this post. Not only was their daily performance sub-standard. But this also occurred on the back of almost non-existent year-end review and planning.

In one case there was none at all. Just cruising into the new year with the same plan and (lack of) preparation that guided his performance the prior year.

In the other case, there was an attempt at a review, but the outcome was little more than generic and useless statements such as the all-too-common, “I need to be more disciplined with taking my trades“.

If a social media post can act as a wake-up call to two of you, then I’m almost certain there are more.

The good news is that the second week of the year gives you a second chance at starting the year right.

The 7 Ps were repeatedly drummed into me during my Army life – Prior Preparation and Planning Prevents Piss Poor Performance.

In the trading world that’s not enough. You need edge. And you need the ability to execute it.

But it’s going to be a damn sight harder if you don’t plan and prepare.

Hence some of my other social media posts:

On the 28th of December:

<image:The best predicator of a poor year>

On the 3rd of January:

<image: It's a new year. Are you prepared?>

Nothing will change this year… unless you change.

So if your thoughts at the end of this first week of trading are basically, “Here we go again – same old crap!“, then it’s time to change.

Schedule time this weekend. Or maybe even the whole second week (you’ve still got another 50 to go). Take the whole month of January if you need.

You’ve been gifted a do-over.

Don’t waste this opportunity.

Review your 2020 performance.

Identify the gap between actual and desired performance.

And develop a plan to bridge that gap.

And please… implement a process for regular review and feedback throughout 2021.

<image: No excuses... EVER>

The second week of the year gives you a second chance at starting the year right.

Prepare for this coming week in the way that you WISH you prepared for the first week, having now learnt with the benefit of hindsight.

Go for it,

Lance Beggs

 


 

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